News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here -
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here:
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
EUR/JPY Explodes Higher; May Consolidate

EUR/JPY Explodes Higher; May Consolidate

2017-04-26 20:47:00
Jeremy Wagner, CEWA-M, Head of Education

We bought EUR/JPY last week near 116.60 on a breakout above a small trend channel. The pair has worked higher in strong fashion signaling that we may be in a third wave higher. Third waves tend to be the longest and the strongest of the five wave Elliott Wave sequence so we will tighten the stop loss closer to the current price action in case the market turns against the position.

EUR/JPY Explodes Higher; May Consolidate

EUR/JPY is starting to bump up against a longer term price channel (blue line) near 122. This blue trend line may create a reaction lower towards 119. Since we may be in a third wave, a retracement may not reach all of the way to 119, but a retracement this deep is normal within the identified pattern.

We are anticipating an eventual break higher outside of the blue trend channel to retest 124 and possibly 133. The current stop loss is set near 117.82. If this level breaks to the downside, then another pattern is at play.

EUR/JPY was a top trading opportunity of 2017 by two of our analysts. Find out what they had to say on in this “Top Trading Opportunities 2017” guide.

Join Jeremy in his Monday US Opening Bell webinars to discuss this market and others.

Interested in learning more about Elliott Wave Theory? Watch these videos on trading with Elliott Wave.

---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU

Follow me on Twitter at @JWagnerFXTrader .

See Jeremy’s recent articles at his Bio Page.

To receive additional articles from Jeremy via email, join Jeremy’s distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.